The Gross Domestic Product (GDP) estimates for the country for the period of 2006 to 2013 was released by national statistician, Roko Koloma, in Port Moresby on Friday.
Koloma noted an average annual growth of 9.4 percent.
This means there were a lot of economic activities, increased jobs and a thriving economy.
GDP is the total value of everything produced by all the people and companies in the country.
Gross domestic product is the best way to measure a country's economy.
The level of GDP increased from K25.4 billion in 2006 to K47.5 billion in 2013, revealed Koloma.
The increase was mainly driven by agriculture, forestry and fishing while wholesale and retail trade industries reliably aided this growth as well.
“The purpose of compiling the national accounts is to inform the government on what is happening in the economy, the industries that are performing well and what necessary steps should be taken in order to get certain industries to play a part in the country’s economy and development,” explained the national statistician.
GDP reports are considered key economic indicators as they enable the formation of government policies and validate the approach government undertakes to improve economic wellbeing.
The country’s GDP reports for 2015 are expected to be released this week, followed by 2016 GDP mid this year and towards the end of 2018 will see the release of GDP for 2017.
The release of these reports is timely, especially with the government’s 100-Day Economic and Revenue Plan.
The GDP report was completed with the assistance from Australian Bureau of Statistics.